On Monday, Ethereum fell under pressure and currently fluctuates at $3340. The computing power of the entire Ethereum network is 680.69TH/s, with 64,103,855 coin holding addresses, an increase of 101,114 compared to the same period last year. The transaction volume on the 24h chain is 1,232,588 ETH, and the issuance of stablecoin is US$85.68 billion. Over 420,000 coins have been burned. The total lock-up volume of the Ethereum L2 network is US$2.75 billion, and Arbitrum accounts for nearly 66%. Report: Ethereum's congestion and high fees have stimulated the demand for smart networks.
From a technical perspective, the daily candle of Ethereum strengthened and closed with evening star pattern. ETH is supported by the middle BOLL band, and the indicator was neutral but slightly bullish. H4 graph shows formation of a ladder top and an M pattern short-term. RSI shows correction, and the MACD continues to be strong. Overall, prioritize operation in the fluctuation zone. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 3260.
Resistance：3380-3430-3500
Support：3260-3160-2950
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